5 midcap stocks that investors should have on their radar on 24 June!
Check out the midcap companies making headlines in the morning trade session.
Among the midcap companies, IRB Infra, Route Mobile, Glenmark Pharmaceuticals, DCM Shriram, and Quess Corp, are among the stocks in the news on Wednesday. Let us see why!
IRB Infrastructure: The company has been trending upwards for consecutive two days. Yesterday, the stock had rallied by about 12% and today it has soared by about 4%. Such a bull run is driven by the receipt of part payment of Rs 308 crore towards arbitral award relating to IRB Pathankot Amritsar Toll Road Ltd. It has received 75% of the total amount of Rs 419 crore. At 10:30 am on Friday, the stock was trading at Rs 206.65, up 3.8% or Rs 7.5 per share.
Route Mobile: Another stock that has been buzzing for two days on the go is Route Mobile. The company will be holding a board meeting on 28th June 2022 to mull over the share buyback programme. This has sent the stock rallying by about 5% today. In a regulatory filing, it said,”a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, June 28, 2022, inter alia, to consider a proposal for buyback of fully paid up equity shares of the company”. At 10:30 am on Friday, the stock was trading at Rs 1,254.45, up by 5.4%.
Glenmark Pharmaceuticals: This midcap pharma company was in the news for US FDA inspection as it issued Form 483 with six observations after an inspection at the Company’s formulation manufacturing facility based out of Baddi, India between June 13, 2022, and June 22, 2022. However, the stock closed 2.7% up yesterday and today it is trading slightly up by 0.66%. For Q4 FY22, the revenues were up by 4.6% but the profitability declined by 26.21%. At the time of writing, shares of the company were trading at Rs 379.35, up by Rs 2.5 per share.
DCM Shriram: The diversified DCM Shriram company is trending today for a couple of news. The board has approved an investment of Rs 65 crore for a 26% stake in a special purpose vehicle (SPV) to be created for setting up of wind-solar hybrid renewable power project. It has also approved an investment of Rs 57.10 crore to manufacture sulphate of potash with a capacity of 4,600 TPA. The board has also fixed a record date of 8th July 2022, for any final dividend declared. At 10:30 am on Friday, the stock was trading at Rs 948.85, up 2.09% or Rs 19.45 per share.
Quess Corp: Quess Corp Limited is engaged in the business of providing services in workforce management, operating asset management and the global technology solution segment. The company was in the news for a merger announcement. A listed entity, Allsec Technologies Ltd, a leading payroll services provider, is merging with Quess Corp. It is an all stock deal, with minority shareholders of Allsec (other than Quess) to be issued equity shares of Quess in the ratio of 0.74:1. At the time of writing, the stock was trading at Rs 607.50, slightly down by 0.7%.
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